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Squawk on the Street

Cramer's Morning Take: New York Community Bank & Powell Testimony 3/7/24

Squawk on the Street

CNBC

Business, News, Investing

4.1567 Ratings

🗓️ 7 March 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

Jim Cramer and Jeff Marks discuss comments from Fed Chair Jerome Powell, shares of New York Community and other stocks making moves today. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Transcript

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0:00.0

It's kind of a whole hum day. They don't really feel like we have anything to stick out other than a bank deal. New York Community Bank with Steve Mnuchin getting involved, the former Treasury Secretary. And then Secretary, Chairman Powell is speaking. And I'm going to tell you, I think the Chairman Powell is going to say the same thing over and over again, which is that if the economy gets hot, he'll do something. If economy gets cool, do something. And that's one of the reasons why we're in such a holding pattern. But it's very reassuring because what it is is basically a Fed put. No, absolutely. Jobs report tomorrow. So that will be key to see wage gains, unemployment rate. By the way, S&P is now, thanks to yesterday's move and today, recovered all of Tuesday's losses.

0:38.3

There you go.

0:39.3

Very interesting to see that.

0:41.3

And yet, you know, you mentioned NYCB.

0:44.3

You know, what's interesting this year versus last year, last year when the regional banks had

0:49.3

issues, the whole group got demolished.

0:52.3

Yet, Wells Fargo, new 52-week high today.

0:56.0

And Wells Fargo is the analog, frankly. Wells Fargo is a regional national bank, which is what

1:01.5

Steve Munucin wants to do with New York community. And I have said from the very beginning that

1:06.6

you would see when Charlie Sharp got rid of the last consent decree, then this would be the key Now, what happens is people said, well, they've got all these other consent degrees. This was the one to put the cap on. They're doing some creative things. The credit card seems to be creative to me. Yeah, they've been really focused on credit card. They announced a new one yesterday with some travel perks. So we'll see there. Yeah. But I do want to follow up on a couple

1:28.0

of yesterday's story. Sure. Start with Foot Locker. Obviously, disappointing day, down 30%

1:32.9

weak guide. They're investing, they're stepping up their investments, but the cadence wasn't good

1:37.9

either. No. And Mary Dylan is still, CEO, still sticking by what she thinks is a great

1:43.2

opportunity. I would point out it's our smallest

1:45.5

position and I find it a nuisance. I am going to spend a lot of time trying to figure out

1:50.3

what's the next best name to have. There are a lot of stocks kicking around. I was wanting

1:54.9

to wait for the market to get oversold to initiate anything because I think that when we find

1:59.4

we just come in and say, today's a day, that's a mistake.

2:02.6

Yeah, well, I know the charts on Mad Money just the other day from Lyer Willemers

2:06.6

indicated maybe there would be some weakness ahead. We'll see.

2:10.6

We don't like to buy when they're up.

2:12.6

I mean, I just think that when you look at the record of what we've done correct,

...

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